Caregivers in La Grange, IL: Financial Tips for Family Members

Finances can be a big issue when it comes to the sandwich generation taking care of their family and then suddenly realizing they must pitch in and take care of their elderly parents as well. This isn’t always anticipated, but is happening more often. Sometimes it can be lack of adequate financial planning; other times it may be a prolonged serious illness that depletes the financial reserves. No matter the cause, sometimes there are difficult decisions that have to be made in regards to ensuring proper care is available for your aging parents.

The discovery that financial safeguards aren’t providing the security you expected them to can be devastating. This is especially true when you already have the financial burden from your kids that you are still raising. Hopefully your parent doesn’t slip through all the funding cracks for long term care options. This will leave you with the job of having to find creative ways to pay for care.

For Veterans who are receiving benefits, some states may not extend Medicaid assistance. This can be a problem when the benefits aren’t enough to cover the home care or assisted living expenses. However, there is a VA pension supplement they can apply for. If eligible, the VA Aid and Attendance Pension could be the supplement they need.

You may not be able to leave your job and career to care for your parents full-time. In that case, you may want to consider a home care service. It is less expensive than assisted living and more seniors are choosing in-home care providers. Here are some ideas that could help you meet the financial needs of caring for your parents:

• If your parents are going to move into your home, the sale of their house can be used to pay for their home care.
• Estate sale – this could clear out furniture and household items that are no longer needed and solves the problem of having to store them somewhere.
• Investments your parents own – now is a good time to use them. Just use them gradually so that their earning potential remains as high as possible; it’s not a wise idea to go and cash them all in at once. A big influx of investment money could also cause a very unwelcome tax issue, which should be avoided.
• Selling other big items as well as the house. How about unused or extra vehicles?
• Re-budgeting can help as well. Things like dining out, expensive clothing and other discretionary spending. Whatever you do, don’t stop your own retirement saving! Some day you will be paying for your own home care.

For Caregiver Services in La Grange, IL call 708-761-4909. Serving La Grange, Oakbrook, Oak Brook Terrace, Brookfield, Westchester, Downers Grove, Berwyn, River Forest, Oak Park, Hinsdale, Chicago and surrounding communities.